May 26, 2005

The Honorable Thomas V. Mike Miller, Jr.
President of the Senate
State House
Annapolis, MD 21401

Dear Mr. President:

In accordance with Article II, Section 17 of the Maryland Constitution, today I have vetoed Senate Bill 660 - Financial Institutions - Consumer Credit - Mortgage Originators.

This bill prohibits an individual from acting as a mortgage originator on or after a specified date unless the individual is a licensee or is exempt from licensing under the Act. It also provides that a license issued under this Act authorizes a licensee to act as a mortgage originator only under specified circumstances and prohibits a licensee from maintaining more than one license or being employed by more than one mortgage lender. A mortgage lender is not required to maintain an office in the State under specified circumstances.

House Bill 1040, which was passed by the General Assembly and signed by me, accomplishes the same purpose. Therefore, it is not necessary for me to sign Senate Bill 660.

Very truly yours,
Robert L. Ehrlich, Jr.